Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - NeuBase Therapeutics, Inc. | ohrp_8k.htm |
| EX-99.1 - PRESS RELEASE - NeuBase Therapeutics, Inc. | ohrp_ex991.htm |
| EX-10.16 - EMPLOYMENT AGREEMENT - NeuBase Therapeutics, Inc. | ohrp_ex1016.htm |
Exhibit 10.17
Ohr
Pharmaceutical, Inc
1245
Brickyard Road, #590
Salt lake
City, Utah 84106
801-433-2000 ph
801-433-2222
fx
February
26, 2010
Sam
Backenroth
1620
Avenue I
Apartment
310
Brooklyn,
NY 11230
Dear
Sam:
On behalf
of Ohr Pharmaceutical Inc., I am pleased to offer you employment as VP of
Business Development and Interim Chief Financial Officer for Ohr, reporting to
the Board of Directors. Your base salary will be at a bi-weekly rate
of $2,384.61 which is annualized at a rate of $62,000. Your start date will
be Monday, April 12, 2010.
You will
be granted incentive stock options to purchase 200,000 shares of Ohr common
stock at $0.50, 120,000 options will vest immediately upon your employment and
the rest will vest on an annual basis of 20,000 options per installment whole
employed at Ohr. You will also receive a bonus of 50,000 shares for
each year of your employment. In the event that Ohr closes a multimillion dollar
financing, at your option, your bonus can be substituted with $20,000 in
cash.
Your
employment will renew automatically on an annual basis, and your compensation
arrangement will be subject to an annual review (on or prior to the anniversary
of this letter) by the Board of Directors, under terms and conditions mutually
acceptable to both parties. This is the full and complete agreement between us
on this term. This provision can only be modified in writing signed
by both you and an officer of the Company.
Your
employment pursuant to this offer is contingent on you signing a Proprietary
Information and Inventions Agreement, covering the ownership of any intellectual
property developed by you and confidentiality obligations.
We very
much hope that you will accept our offer and look forward to having you on the
team.
Sincerely
yours,
Andrew
Limpert
Interim
CEO
I accept
the offer of employment above.
Name
Date